WRIGHT, STEPHENSON LTD,

Evening Star, Issue 23351, 22 August 1939, Page 6

WRIGHT, STEPHENSON LTD,

NET PROFIT OF £42,863 ORDINARY DIVIDEND HELD AT 5 PER CENT. ANOTHER DISTRIBUTION OF ABRAHAM AND WILLIAMS STOCK Net profit of £42,863, against £48,011 last year, is recorded in the thirty-third annual report and balance sheet of Wright, Stephenson, and Co. Ltd. for the year ended June 30, Dividends are maintained at 5 per cent., while ordinary shareholders will again receive an additional 5 per cent, in the form of Abraham and Williams shares, in which the company holds a controlling interest. The profit and loss account, including £57.949 brought forward, shows a credit balance of £100,812, which, less +,lib infon'in dividend for the six months

The profit and loss account, including £57.949 brought forward, shows a credit balance of £100,812, which, less the interim dividend for the six months ended December 31, leaves a balance available for distribution, of £87,060. Of this sum the directors recommend that, after making the fixed payment on the preference shares, a dividend of 2J per cent, be paid on ordinary shares, making 5 per cent, for the year. The directors further recommend that an additional special dividend at the irate of 6 per cent, be paid to all ordinary shareholders (except Abraham and Williams Ltd.), who hold 200 shares or more, by transferring to each such shareholder perpetual debenture stock of Abraham and Williams Ltd. of the face value of the amount of dividend to which the shareholder is entitled. The additional dividend will he paid to Abraham and Williams Ltd. and to the holders of under 200 shares in cash. After providing for these distributions the sum 'of £58,296 will be loft to carry forward. BALANCE SHEET ITEMS. Results over the past three years are - 1937. 1938. 1939. Net profit ... £42,814 £48,011 £42,863 Div. p.c. p.a. ord. ... 5 5 5 Div. p.c. p.a. pref. 5 5 5 Chief movements in balance sheet items are;— _

The total of assets is £2,456,920, as against last year’s figure of £2,439,402.

DEBENTURE ISSUE

HAWKE'S BAY POWER BOARD £41,700 SUBSCRIBED IH A WEEK [Per United Press Association.] HASTINGS, August 21. Within one week of the opening, the Hawke’s Bay Power Board debenture issue of 4i per cens. £IOO debentures, m&turing 1949, has been almost half subscribed.. The total issue is £94,000, and at the end of the week applications had been received from all parts of the North Island, amounting to £41,700.

BEAU MONDE (AUST.)

HEAVY FALL IN PROFIT Profit of Beau Monde (Australia) Limited, for the year ended June 30, totalled £12,809, compared with £28,209 in the previous year and £30,610 in 1936-37. The latest profit is determined after providing £1,433 for taxation, and allowing £228 for bonus to special employees. The directors recommend the payment of a dividend of 6d a share, equal to 10' per cent per annum, compared with a dividend of Is per share, equal to 20 per cent., in the preceding year. The last few months have seen the development of a price-war, the report states. Raw silk has risen by more than 50 per cent, in cost to about the highest price ruling since the company began business Other materials have cost more, and wages have increased, although prices of silk hosiery have continued to fall.

The company disposed of its printing and box-making plant, and concentrated on hosiery manufacture and sp'^’iir. The balance sheet figure indicates a strong financial position. Liabilities are covered by cash on hand and in bank, and bv‘ surrender value of life assurances policies, leaving a surplus of liquid assets exceeding £107,000, or 4s 2d a 5s share, to which should be added the value of fixed assets.

BRADFORD MARKET

Press Association—By Telegraph—Copyright LONDON, August 21. (Received August 22, at 10.50 a.m.) The Bradford mills have resumed after the holiday There is much activity. .Quotations are firm.

LIABILITIES. 1938. 1939. £ £ Capital 550,082 550,082 General reserve 28,133 86,714 28,133 P. and Ij. appr. acc. 87,060 Debenture stock in various issues 711,457 699,732 Fixed deposits 93,935 98,478 Amount owing to subsidiaries ... ... 126,573 142,455 Clients’ current, aces. 421,321 484,909 Sundry trade creds. 373,389 301,391 Bills payable 4,066 3,972 Stall pension fund 40,197 54,942 Owing banks— secured , 3,536 5,478 ASSETS. Freehold land, at cost 94,273 94,801 Premises, less mortgages ... 137,332 138,684 Machinery, plant, furniture 4,916 8,020 Motor cars and trucks 17,791 17,707 Investments and advances; to subs, 262,842 273,183 Investments in assoc, coys. ... ... ... 127,565 130,319 Stocks 264,558 245,995 Advances 116,891 65,991 Sundry debtors (ad- * vances less reserves) 924,918 990,336 Sundry debtors (ord. trade terms) 332,625' 314,699 Bills receivable 95,603 113,927 Advances to directors 9,510 6,913 Investments—shares 42,534 42,884 Cash at bankers ... — Cash in hand 8,043 13,176 Cash on deposit at short call _